Ripple Labs executives are reaching out to Congress to provide transparent crypto regulations amidst Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) over XRP.
Following a report in the New York Times earlier in the week of federal agencies requesting Congress to give them more authority to regulate stablecoins, Ripple Labs CEO Brad Garlinghouse told his Twitter followers that the House should be coming up with clear guidelines for the entire crypto industry.
@ChrisBrummerDr is right — there is a lot at stake here, which is why we need Congress to play a leading role in providing guidance and clarity for not just stablecoins as is recommended by the PWG report, but crypto broadly ASAP. https://t.co/QyFxT0y3dk
— Brad Garlinghouse (@bgarlinghouse) November 2, 2021
Stuart Alderoty, Ripple’s general counsel, said that the government’s indecisiveness is bringing the US in a difficult position as it risks losing ground to competing economic powers:
“This shouldn’t be a partisan issue, and some in Congress are seeking to take on the mantle. Unfortunately, while the US (as a whole) flounders, other respected economic centers are seizing the advantage – to name just one, the EU with MiCA [Regulation of Markets in Crypto-assets], taking input from all stakeholders.”
Recently, the judge in Ripples case denied a motion by XRP holders to intervene on Ripple’s behalf in the lawsuit against the SEC. Nevertheless, the judge did give them the opportunity to file amicus briefs. Alderoty said about this decision:
“XRP holders have always said that the SEC’s lawsuit is a direct attack on them. Now it’s official.”
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